Residential Resolutions: Gain Multifamily Renters in 2013

Good news, multifamily property owners: The number of multifamily renter households is expected to increase to 1.7 million by 2015. This stat gives you the perfect framework for forming a resolution for 2013 — to gain more renters. Below are some tips to help you get started on your property’s resolution for the New Year.

Know Your Demographic

Make sure your marketing and property are tailored to suit your target market.

In recent years, families have become a larger demographic in the multifamily world. According to Multifamily Biz, the average family size decreased by about 1 percent from 2000 to 2010. That 1 percent has had more of an impact than you might think — more families are going after smaller units and lower rent. So, when marketing properties to families, emphasize space efficiency and family-friendly amenities and events.

For niche demographics, consider highlighting environmentally friendly amenities for eco-conscious renters, pet-friendly policies for animal lovers, high-speed Internet or Wi-Fi for students and online rent payment for Gen Y tenants who are used to making purchases online.

Get Online

Take advantage of that high-speed Internet you’re advertising and dive into online marketing. While older demographics turn to classifieds and print directories, younger tenants are using their laptops and mobile phones to browse the Web and social media outlets for places to live.

Jennifer Saciokas, vice president of marketing for Lincoln Properties, suggests using targeted geographic mobile and location-based campaigns, as well as discounts and brand-building publications to reach your audience.

When using social media sites such as Facebook and Twitter, you should value quality instead of quantity. Users who follow your property do so because they are interested in your updates; however, 42 percent of people report unsubscribing from a business’ social media updates and posts because they feel overwhelmed by the constant communication. If your communication becomes overwhelming, even the best prospects will not hesitate to unsubscribe.

Don’t Forget About Your Current Tenants

Word of mouth spreads fast (especially through social media), so make sure your tenants’ experience with your property is as enjoyable and hassle-free as possible. Respond in a timely manner to current renters’ requests and consider investing in a call tracking system to keep track of when your tenants call with requests. Follow through by going back and listening to call recordings to make sure your employees are providing your tenants with quality service.

Keeping a New Year’s resolution can be a challenge. Use these tips to make a game plan that brings new renters to your multifamily property, and make 2013 a profitable year.